The government has dished out the funds for advanced battery research and development and the winners are….
Johnson Controls (JCI) – $300 million
A123 Systems – $249 million
General Motors (GM) – $240 million
EnerDel (HEV) – $118.5 million
Ford (F) – 92.7 million
Chrysler – $70 million
UQM Technologies (UQM) – $45 million
Exide (XIDE) – $34 million
Tomorrow morning the government will announce the recipients of $2 billion in stimulus funds for advanced battery research and development. Privately held A123 Systems is expected to receive a portion of the funds and publicly traded Ener1 (HEV) may receive funds as well which could give a boost to the stock tomorrow. VP Joe Biden is expected to announce the winners in an event in Detroit while Energy Secretary Steven Chu is expected to … Read the rest
Ener1 just announced that its subsidiary, Enerdel, will be working with Nissan to research a new type of electrical conductive material. The material will be used to make better batteries for hybrids. The companies will research a new type of electrolyte at the Argonne National Laboratory.
In a press release, Ener1 executives commented on the project:
“This project is about continuing the evolution of a critical technology,” said Charles Gassenheimer, CEO and Chairman of … Read the rest
Well, here’s some good news for Ener1 and Think: Think’s electric drivetrain, which is powered by Ener1’s lithium-ion batteries, has been selected by Zero Sports of Japan to help them convert Japan Post’s fleet to electric vehicles. Think’s drivetrain is being used to turn existing gasoline trucks into electric vehicles. Japan Post plans to convert 25% of its fleet to run entirely on electricity.
In a company press release, Ener1 CEO and Chairman Charles … Read the rest
Volvo has chosen Ener1’s lithium-ion batteries for its plug-in hybrid V70 demonstration cars. These cars are being tested in Europe as part of a program to deliver a commercial plug-in hybrid by 2012. The demonstration cars can go for 31 miles on a single charge, and can draw power from a normal household outlet. For long distance trips, the car uses an integrated diesel engine.
Enerdel, Ener1’s manufacturing arm, created the batteries especially for the … Read the rest
EnerDel just announced that they have signed a contract to supply AC Transit with lithium-ion batteries for buses. AC Transit is buying 16 new hybrid electric fuel cell buses, and EnerDel will supply advanced battery systems for all 16 of them. The buses will be powered by lithium batteries and tanks of hydrogen that fit on top of the vehicles.
In a press release, executives from both AC Transit and EnerDel commented on the deal: … Read the rest
This Friday at noon, Indiana Senator Evan Bayh will be an honored guest of EnerDel (HEV) at a ceremony marking the commissioning of the country’s first commercial scale production line for lithium-ion battery packs. To meet anticipated demand, EnerDel plans to expand the plant in Indiananopolis, pack assembly capacity at its Noblesville plant and may expand further through the purchase or construction of a 3rd plant. Anticipated annual production is currently in the neighborhood of … Read the rest
Ener1 seems like it would be one of the companies most likely to benefit from the stimulus plan. After all, the company makes batteries for electric cars and it has a manufacturing plant in Indiana, so it benefits American workers. Plus, the market for these batteries should take off as America tries to reduce the amount of fossil fuels used to power our vehicles. Here’s how Barron’s describes Ener1’s growth potential:
… Read the restIf Ener1 were to
MDB Capital came out today and upgraded Ener1 (HEV) with a Buy rating and a price target of $5.50. They believe the shares are compelling down at these levels due to the pipeline of potential customers including the possible reemergence of Think Global later in the year.
“We are revising our earnings model and now anticipate revenues in 2009 of $41 million (roughly $28 million coming from Enertech) and $77.5 million in calendar 2010. With … Read the rest
According to GreenTech, Ener1 (HEV) which currently manufacturers lithium ion batteries for electric cars is expanding into other markets such as utility grade storage and military applications. The CEO said at the Jefferies Global Clean Technology conference that they are working with a few utilities on smaller power grid storage units. On the military side, the company is working on hybrid tanks and unmanned aerial vehicles with potential orders of $7 million.… Read the rest